Reverse Mortgage Counseling

What is a Reverse Mortgage

A traditional HECM (Home Equity Conversion Mortgage) reverse mortgage can help older adults with their financial needs in the following ways:

A loan that allows homeowners age 62+ to tap into their home equity

They can use the proceeds for whatever they need

Owners keep the Title to their home, but will continue to be responsible for paying property taxes, homeowner’s insurance, and any home maintenance

No monthly payments ever – interest accrues only on the portion of the loan amount disbursed.

Borrower Eligibility Requirements

Age 62 and over (all owners)

Occupy home as principal residence (over 6 months per year)

At least one spouse must be residing in home at time of closing

Any existing mortgage or lien must be paid off at closing

What Property Requirements Must My Senior Clients Meet?*

The property must be your senior clients primary residence and may be a:

Single-Family home

HUD-approved condominium

Planned unit development (PUD)

* Home must meet FHA Minimum Property Requirements.

What else do I need to know?

Federal legislation requires that the borrowers attend HECM Counseling to make sure that seniors understand the costs of a HECM as well as alternatives that may be available. NeighborWorks® Pocatello offers this valuable service for FREE with a certified HECM counselor.

Call NeighborWorks® Pocatello at (208) 232-9468 and ask for Shawna for more information.

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